CBSE Class 11 (Arts) Microeconomics — practice questions
52 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice CBSE Class 11 (Arts) Microeconomics in the app →Microeconomics mainly studies the behaviour of which units?Which branch studies growth, inflation and unemployment of a whole economy?Which problem lies at the heart of microeconomic decisions by firms and consumers?The basic fact that resources are finite while wants are many is called what?The opposite of scarcity is described as what?Which economist defined economics as the study of ends and scarce means with alternative uses?What is the opportunity cost of an activity?A person has five alternatives to an activity. Opportunity cost depends on which of them?A person prefers chocolate to waffles and gets both offered. What is the opportunity cost of choosing chocolatWhat does a production possibility frontier show?A point strictly inside the production possibility curve indicates what?A combination of outputs lying beyond the PPF with present resources is called what?Which event shifts the PPF outward?A flood destroys much of a region's factories. What happens to its PPF?What do the two main determinants of the PPF position consist of?The slope of the PPF at a point is called what?The usual PPF is drawn concave to the origin to show which idea?When does a PPF become a straight line?If giving up one gun yields four packets of butter, the opportunity cost of one packet is what?Microeconomics is also known by which name that stresses the role of prices?Who introduced partial equilibrium theory in Principles of Economics (1890)?Which economist developed general equilibrium theory in Elements of Pure Economics (1874)?Microeconomic theory typically begins with the study of which agent?A consumer maximizes utility subject to which limit?Which statement best describes the law of demand?At equilibrium price, which two quantities are equal?At a price below equilibrium, what does the market experience?At a price above equilibrium, what pressure arises on price?For a normal good, a rise in income does what to the demand curve?A fall in price raises purchasing power. This is called what?Consumers shifting toward a good that has become cheaper than others illustrates what?Producers in basic supply theory are assumed to aim at what?Supply and demand theory usually assumes which kind of market?In which time period can all inputs of a firm be adjusted?Which cost does not change with the level of output?Which of these is a variable cost for a factory?Short-run total cost equals which sum?A fixed cost already incurred that cannot be recovered is called what?Over about ten years, what happens to most of a firm's costs?Production theory studies the conversion of what into outputs?A market with numerous small firms selling identical products is called what?Firms in perfect competition are known as what?A market with a single seller of a good is called what?A market dominated by a small number of firms is called what?A duopoly is a special case of which market structure?Which market structure has many firms selling slightly different products?A market with only one buyer and many sellers is called what?A natural monopoly arises when one producer can do what?Oligopolists may form cartels. What does this usually cause?Who likely introduced the macro and micro distinction in economics in 1933?When markets fail to produce efficient outcomes, economists call it what?Under a production possibility curve, moving along the frontier shows what?